Halifax-based hotelier Holloway Lodging Corporation shedding assets

The Travelodge Suites Halifax Dartmouth is one of many hotels owned by Halifax developer George Armoyan’s Holloway Lodging Corp.

Halifax-based hotelier Holloway Lodging Corporation has sold its Travelodge in Belleville, Ont. for $7 million, an amount close to the property’s book value.

Holloway is a core portfolio holding of Haligonian developer George Armoyan’s Clarke Inc., which is now back in the black despite the sluggish oil and gas industry which continues to dampen returns on the company’s investments in that sector.

Last year, Clarke Inc.’s net income soared to $25.4 million from a loss of $11.1 million in 2015. In a statement earlier this year, t​he company chalked up at least part of its rebound to the sale of selected Holloway assets.

Holloway Lodging Corp., which trades on the Toronto Stock Exchange under the HLC ticker, has a market capitalization of about $103.5 million and was trading at $5.48 at mid-afternoon Monday, near the upper limit of its 52-week trading range.